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Endgame for the Dell Buyout

Michael Dell is losing ground in his bid to buy his namesake company. Carl Icahn and Dell shareholders could be the winners.

The increasing likelihood of the demise of Michael Dell's bid for his namesake company rattled Wall Street on Friday as Dell (ticker: DELL) shares came under pressure, falling 28 cents to $13.03 and ending 4% below the proposed buyout price of $13.65 a share.

The decline came as Bloomberg News reported that Michael Dell and Silver Lake Partners weren't planning to boost their bid in an effort to salvage the buyout, which is generating strong shareholder opposition from billionaire investor Carl Icahn, Southeastern Asset...